SPDR S&P Dividend ETF (SDY) Valuation
SDY valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 20.5 trailing earnings
- Forward P/E
- 15.8 analyst estimates
- Price / sales
- 1.88
- Price / book
- 3.02
- EV / EBITDA
- 12.9
- Earnings yield
- 4.88% inverse of P/E
- Dividend yield
- 2.83% of the holdings
- Return on equity
- 14.7% combined
- Net margin
- 9.2% combined
- Beta
- 0.67 weighted, vs S&P 500
SDY valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SDY | 20.5 | 15.8 | 1.88 | 3.02 | 2.83% | 14.7% | 9.2% | 1.4% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
SDY valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 16.6% | 24.8 | 19.3 | 2.19 | 4.96 | 1.79% | 20.0% |
| Consumer Defensive | 15.8% | 21.4 | 16.6 | 1.29 | 4.91 | 3.34% | 22.9% |
| Utilities | 12.6% | 16.9 | 15.5 | 2.77 | 1.80 | 3.55% | 10.7% |
| Financial Services | 11.8% | 12.3 | 12.3 | 2.25 | 1.95 | 2.11% | 15.9% |
| Technology | 11.3% | 22.2 | 16.7 | 3.25 | 4.97 | 2.37% | 22.4% |
| Healthcare | 8.6% | 47.7 | 16.0 | 1.36 | 3.41 | 2.22% | 7.1% |
| Consumer Cyclical | 6.5% | 20.0 | 14.8 | 0.98 | 4.17 | 3.86% | 20.8% |
| Basic Materials | 5.6% | 33.0 | 16.8 | 2.40 | 3.37 | 1.78% | 10.2% |
| Energy | 4.1% | 20.9 | 14.8 | 2.21 | 2.32 | 2.73% | 11.1% |
| Real Estate | 3.9% | 33.8 | 32.7 | 8.50 | 1.88 | 5.04% | 5.6% |
| Communication Services | 3.0% | 11.7 | 8.7 | 1.34 | 1.86 | 6.32% | 15.9% |
SDY earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How SDY weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SDY largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ACN | Accenture plc | 3.95% | 16.9 | 12.4 | 1.9 | 2.98% | 4.79% |
| VZ | Verizon Communications Inc. | 2.97% | 11.7 | 8.7 | 1.3 | 6.32% | 5.24% |
| CVX | Chevron Corporation | 2.18% | 21.2 | 15.2 | 2.1 | 3.16% | 2.11% |
| O | Realty Income Corporation | 1.98% | 40.6 | 33.7 | 8.7 | 5.81% | 1.00% |
| PEP | PepsiCo, Inc. | 1.93% | 16.5 | 14.9 | 1.8 | 4.50% | 2.40% |
| MDT | Medtronic plc | 1.82% | 23.3 | 14.9 | 3.2 | 3.04% | 1.60% |
| TGT | Target Corporation | 1.60% | 16.0 | 15.6 | 0.7 | 3.01% | 2.05% |
| ADP | Automatic Data Processing, Inc. | 1.58% | 26.4 | 22.0 | 5.2 | 2.35% | 1.23% |
| KMB | Kimberly-Clark Corporation | 1.56% | 20.8 | 13.1 | 2.1 | 4.85% | 1.54% |
| BDX | Becton, Dickinson and Company | 1.55% | 44.6 | 13.7 | 2.3 | 2.19% | 0.71% |
| NKE | NIKE, Inc. | 1.53% | 17.9 | 21.0 | 1.2 | 4.42% | 1.76% |
| KVUE | Kenvue Inc. | 1.49% | 22.0 | 14.7 | 2.4 | 4.44% | 1.39% |
| XOM | Exxon Mobil Corporation | 1.43% | 23.0 | 14.8 | 2.0 | 2.30% | 1.28% |
| WEC | WEC Energy Group, Inc. | 1.38% | 21.1 | 16.9 | 3.5 | 3.50% | 1.35% |
| ED | Consolidated Edison, Inc. | 1.34% | 18.2 | 16.1 | 2.3 | 3.16% | 1.52% |
| PG | The Procter & Gamble Company | 1.34% | 24.1 | 21.2 | 4.3 | 2.73% | 1.14% |
| SO | The Southern Company | 1.32% | 22.0 | 17.0 | 3.5 | 3.33% | 1.24% |
| KO | The Coca-Cola Company | 1.30% | 28.2 | 25.3 | 8.1 | 2.26% | 0.95% |
| LMT | Lockheed Martin Corporation | 1.25% | 20.3 | 16.2 | 1.7 | 2.61% | 1.26% |
| IBM | International Business Machines Corporation | 1.24% | 20.6 | 17.4 | 3.2 | 2.91% | 1.23% |
| ABBV | AbbVie Inc. | 1.23% | 80.6 | 16.4 | 7.8 | 2.42% | 0.31% |
| XEL | Xcel Energy Inc. | 1.16% | 20.9 | 16.0 | 3.3 | 3.11% | 1.15% |
| ABT | Abbott Laboratories | 1.16% | 33.8 | 17.1 | 3.9 | 2.40% | 0.71% |
| MCD | McDonald's Corporation | 1.16% | 19.7 | 17.1 | 6.2 | 3.18% | 1.20% |
| SYY | Sysco Corporation | 1.11% | 21.9 | 15.2 | 0.5 | 2.68% | 1.04% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About SDY valuation
Adding up its 154 holdings with company data, SDY trades at 20.5 times trailing earnings and 15.8 times analysts' forward estimates, with a price-to-book ratio of 3.02 and a dividend yield of 2.83%. Its earnings yield of 4.88% is 0.45 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 21.1% of the fund and earn 22.7% of its combined profit. By sector, Healthcare is the most expensive at 47.7 times earnings and Communication Services the cheapest at 11.7. Companies that lost money over the past year are 1.4% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 99.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SDY chart, SDY performance, SDY holdings, SDY dividends.
SDY valuation FAQ
What is the P/E ratio of SDY?
Based on its holdings, SDY has a trailing P/E of 20.5 and a forward P/E of 15.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SDY?
The trailing earnings yield is 4.88% (1 ÷ P/E) and the forward earnings yield 6.32%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SDY more expensive than the S&P 500?
SDY trades at 20.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.8 and 19.9.
What is the price-to-book ratio of SDY?
The holdings of SDY trade at 3.02 times book value, with a combined return on equity of 14.7%.
Which sector in SDY has the highest P/E?
Healthcare has the highest P/E at 47.7 and Communication Services the lowest at 11.7.